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Financing condition for Canadians buying properties in U.S

If you are interested in buying a vacation property in the United state, read this article.......

며칠전 사스카툰 신문에 사스카툰사람들이 아리조나에 부동산을 산다는 기사를 읽고, 나름대로 관심이 가는 부분이다. 지난해 동안 사스카툰에 집을 가진 사람들은 거의 2배의 자산 가치를 창출했다. 이를 근거로, 새집으로 갈아타려는 사람도 많이 있지만, 새로운 투자처를 찾는 사람도 많다. 그 동안 오른 자산을 근거로 리파이낸싱을 하여 그 동안 가격이 하락에 미국 부동산을 구입하는 것은 미래의 가치창출을 위해 바람직한 방향이라고 생각한다..........


If you are purchasing a vacation home then you will need a minimum of 30% down. So, for a $200,000 purchase the requirement down payment is $60,000. Additionally, you will be required to demonstrate that you have between 3-6 months of liquid reserves. This is calculated by multiplying your monthly payment by 3-6. Not all lenders require this reserve but many do, so if you have it the better it is for you.

As part of the approval process you will be asked to show 2-3 months of bank statements demonstrating that the funds for down payment and reserves are available. The lender is very suspicious when there are large depositions in your account (beyond your regular income) so be prepared to explain any such depositions. Finally, the assets need to be in a Canadian bank and the mortgage lender will request verification directly from your bank.

You will need to show a copy of your Canadian passport and/or driver’s license. Some lenders may request only one of these two but be prepared to furnish both if requested.

If you intend to purchase an investment property in the United States then the terms are somewhat more stringent. You will be required to put more than 30% down (determined on a case by case basis) as well as demonstrated more reserves (possibly up to twelve months). All other aspects of the loan are the same.

If you feel like these are conditions which you can fulfill then the first step is to complete a mortgage application with a reputable lender. In this step you will be asked information about such things as your employment and income, available liquid assets etc.  In subsequent steps you will be required to furnish a letter of employment, relevant bank statements and a copy of the passport (or driver’s license). Once all the information has been verified the lender can then make a credit decision.

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Published Sunday, June 29, 2008 12:29 AM by Kang Kim

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# re: Financing condition for Canadians buying properties in U.S @ Thursday, December 4, 2014 7:06 PM

Yes! Finally someone writes about trigeminal.


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